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Glacier Bancorp to acquire Colorado bank.

Global Banking News-21 August 2008-Glacier Bancorp to acquire Colorado bank(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 21 August 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Montana bank holding company, Glacier Bancorp Inc (NASDAQ: GBCI) has agreed to acquire Durango, Colorado-based community lender Bank of the San Juans for nearly USD22.7m.

The transaction provides for the payment to Bank of the San Juans Bancorporation shareholders of USD9.0m in cash and 640,000 shares of Glacier common stock. The transaction, which has been approved unanimously by the boards of Glacier and Bank of the San Juans Bancorporation, is subject to regulatory approval.

Bank of the San Juans has two offices in Durango and one in Pagosa Springs, Colorado, and has total assets of USD146m as of June 30, 2008.

Kalispell-based Glacier Bancorp, which has total assets of USD5bn as of June 30, is a regional multi-bank holding company with ten banking subsidiaries in 53 communities in Montana, Idaho, Utah, Washington, and Wyoming.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Aug 21, 2008
Words:193
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